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Consumer confidence advanced more than expected this month touching the highest level in five years on improving labor market in the U.S. The consumer sentiment index rallied to 84.9 in November, compared with the prior month's reading of 82.6. The index showed the fourth biggest improvement since July 2007, as it was forecast to stay at 82.9 for this month. The sentiment of Americans is prompted by the growing employment, cheaper gasoline prices and soaring housing market. Household spending has gained on that, since purchases added 0.8% in September rebounding from August's 0.5%.
"As we look toward the fast approaching holiday season, we are encouraged by the recent strong gains in consumer confidence as lower gas prices, a recovering housing market and improved job reports resonate with the shopper," said Stephen Lebovitz, chief executive officer of Chattanooga, Tennessee-based shopping mall owner CBL & Associates Properties Inc.